题　目：Can Mandatory Disclosure Substitute for Relationship-Based Financing? Evidence from China's Bond Market

嘉　宾：丁一    副教授，香港中文大学（深圳）

主持人：许文健 副教授， 上海交通大学安泰经济与管理学院

时　间：2026年11月18日（周三）10:00-11:30

地　点：讲座：上海交通大学 徐汇校区安泰浩然楼306

内容简介:

We examine whether mandatory disclosure can substitute for relationship-based financing using China’s 2019 industry-specific bond disclosure reform. In a difference-in-differences design, we find that mandatory disclosure increases bond allocations to unconnected and small institutional investors, with larger effects when disclosure requirements are more extensive and pre-reform disclosure gaps are greater. The effects vary with issuer credit quality and reliance on investor relationships. Among highly rated, relationship-dependent issuers, purchases by unconnected investors increase, while purchases by connected investors decline. Among lower-rated, relationship-dependent issuers, this pattern reverses. The reform also reduces issuance credit spreads and bond overpricing and is associated with lower subsequent default and downgrade probabilities. These improvements coincide with reduced bond issuance by lower-rated and unlisted firms. Overall, our findings suggest that mandatory disclosure facilitates arm’s-length investment and improves bond pricing, but its ability to substitute for relationship-based financing depends on issuer credit quality. Public information substitutes for connected financing among stronger issuers but may reinforce reliance on connected investors among weaker, relationship-dependent issuers.

演讲人简介：

Yi Ding is an Associate Professor of Finance at the Chinese University of Hong Kong, Shenzhen，associate area head of Finance at the School of Management and Economics.  His research spans finance and accounting, with a focus on China’s financial system, bond markets, and corporate disclosure. His work has been published in the Journal of Financial Economics (JFE), The Accounting Review (TAR), and Management Science (MS). He holds the certifications of Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM).

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